Mortgages dominate complaints sent to CFPB
The majority of the consumer complaints filed with the Consumer Financial Protection Bureau during its first 11 months in existence relate to mortgage debt, the CFPB said in its semi-annual report to Congress.
CFPB data shows the bureau received 55,300 consumer complaints from July 21, 2011, through June 30.
Of those complaints, 43% involved mortgage issues. Credit cards ranked second in terms of complaint volume, representing 34% of all first-year calls. Student loans represented only 4% of all calls to the CFPB, while bank accounts and service issues drove 15% of the agency's complaint traffic.
Consumer loans and other loan types made up the remaining 4% of complaints, with consumer loans making up only 2% of the CFPB's overal complaint traffic in the past year.
About 44% of the complaints were submitted to the CFPB via its website, while 11% of those with issues phoned in their complaints. The rest of the complaints arrived via mail, email or fax.
Of the mortgage complaints reported to the CFPB, 54% involved borrowers who had problems with their loan modifications, a debt collection or foreclosure.
Twenty-five percent of the complaints came from borrowers who had problems related to payments, escrow accounts and loan servicing. Eight percent of the mortgage traffic involved issues when applying for a loan, followed by 4% who had trouble when signing mortgage agreements and 2% who had issues when receiving a credit offer. The remaining 7% of the complaints involved other issues.